July 2026
Interest rates monthly report
Gain the latest trends and insights with our monthly newsletter on ICE's rates market.
Euribor futures & options
SONIA futures & options
ESTR futures & options
Long Gilt futures & options
SARON futures
July highlights
ECB ESTR futures
- Record Open Interest (OI) at 24,779 (28th July)
- Monthly volume at 265k
TONA futures
- First full month of trading with volumes at 66k
- Supported by liquidity providers with on screen pricing between 1am-6pm (London)
UK Long Gilts trading hours extended
- From 6 July, hours extended from 8am-6pm to 1am-9pm
- Extended hours averaged 5.4% of full day volume across the month, peaking at 10.34% on 29 July
- Morning session (1–8am) generated 65% of total extended hours flow across all four weeks
- Total extended hours volume since launch - 256,142 lots
- Consistently over 50 entities trading across each session
SONIA trading hours extended
- From 6 July, hours extended from 7.30am-6pm to 1am-9pm
- Extended hours averaged 7.5% of full day volume across the month, peaking at 21.21% on 29 July
- Evening session (6–9pm) generated 57% of total extended hours flow, with 29 July recording 169,213 lots (16.50% of full day volume)
- Total extended hours volume since launch - 1,461,644 lots
- Consistently over 60 entities trading across each session
Long Gilts (R) - extended hours volume
SONIA (SO3) - extended hours volume
Products in focus
Three month ESTR futures
- ESTR OI surpassed 3 million contracts
- Year to date average daily volume running at 500,000
- ICE holds 83% of €STR futures volume year-to-date
- ICE has 72% of €STR OI market share
Medium Gilt futures
- ICE Medium Gilt futures contract is a future deliverable into eligible UK government debt securities with maturities of 4 years to 6 years & 3 months and an original term to maturity of 11 years or less
- Functionality to execute Medium Gilt futures vs Long Gilt futures as a one line spread via the inter-commodity spread (ICS). Trades in a 2:1 ratio
- Trades alongside Long Gilt futures & options and Ultra Long Gilt futures
Three month TONA futures
- Trade short term Japanese interest rate risk
- Based on the Bank of Japan's overnight rate, TONA (also known as Mutan)
- Live on screen from July
- Contract size aligned with our EUR and GBP contracts for easy comparison
Three month Scandinavian futures
- Trade short term Swedish and Norwegian interest rate risk
- OIS and IBOR contracts available in both SEK and NOK
- Trade the OIS-IBOR basis in a single trade
- Live on screen from July
STIBOR & SWESTR Factsheets NIBOR & NOWA FActsheets
Product headline highlights
ADV, OI & volume
Interest rate derivatives
The largest marketplace for U.K. and European interest rates futures and options.
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